Are Support Payments Taxable?

After you file for divorce with the help of your family law attorney in Tampa Bay, you can expect many changes ahead. In addition to determining the custody of the children with your divorce attorney, you can expect many financial changes. Your divorce attorney may recommend that you meet with an accountant regarding changes to your tax return. For example, if you receive alimony payments, you must report those payments as income. If you pay alimony to your ex-spouse, you can deduct those payments.

You can watch this video for more information about support payments. As you may learn during your free lawyer consultation, child support payments are not taxable for either party. This video also explains the additional information you’ll need to include on your tax return for alimony payments.